Homeowners in Cheraw, SC, are not legally required to purchase home insurance. That said, if you hold a mortgage on your home, your lender will mandate that you maintain home insurance until the loan is paid in full.

What are the Requirements?

The requirements for a mortgage loan can vary depending on your lender. However, nearly all lenders require you to have replacement cost coverage. This type of insurance policy ensures that you will receive compensation for rebuilding a house that has been destroyed by fire, natural disaster, or vandalism. Your lender will likely also specify a deductible limit for this policy to ensure that you are not risking a substantial out-of-pocket expense.

Many lenders also necessitate liability coverage. This covers you if a visitor to your property experiences an accident or sustains property damage. If you have "hazards" such as a pool or trampoline, the liability insurance cost is typically higher than a more "safe" property. Once again, your home lender will likely determine how much liability coverage you need to prevent the financial burden in the event of a lawsuit.

Reach Out to Ingram Insurance for More Information About a Home Insurance Policy

To secure a mortgage loan, you need to meet the basic insurance requirements laid down by your lender. While minimal coverage protects you to an extent, it’s worth exploring other options to ensure your home is fully safeguarded in the event of an unfortunate occurrence. At Ingram Insurance, we pride ourselves on aiding Cheraw, SC homeowners in understanding various home insurance policies and selecting the ones that best cater to their needs. Connect with us to explore more or get policy quotes.

Whether it’s an old or new home in Cheraw, SC, you will need home insurance coverage. However, you may wonder if your newer home comes with home insurance considerations specifically because it’s a newer home. At Ingram Insurance, we want you to make an informed home insurance choice. To that end, here are a few things to consider regarding home insurance for newer homes.

Why Newer Homes Might Have Different Insurance Needs

A newer home typically involves improved, modern building techniques, safer construction methods and materials, and a likely increase in safety-based technology options. All these things can affect an insurance premium.

For example, modern building techniques can mean an inherently safer structure or capable of dealing with extreme weather conditions. You may expect your insurance premium to decrease somewhat in such a case. By contrast, adding technology to the structure can increase its value, potentially increasing the insurance premium.

What Matters When It Comes to Home Insurance Coverage

Your premium will depend on a host of other factors far beyond the year of your home’s construction. For example, does your home have amenities that create liabilities? Swimming pools and outdoor kitchens add value to a home but can also add more potential risks. Then, there are the typical considerations such as location, size, and personal belongings to cover.

Ultimately, the amount of home insurance coverage for a newer home will depend on your personal needs, unique situation, and goals. Just as an older home may have specific insurance coverage needs, so does a newer home. However, in both cases, those needs will depend entirely on a full suite of considerations, not just the property’s age.

Work with a reputable insurer to find the coverage options most suitable for your home and your budget. If you’re looking for home insurance for a newer or older home in Cheraw, SC, contact Ingram Insurance today.

Many home renovations can impact the value of your property and increase or decrease the cost of your current homeowner insurance policy, while others may not have that much of an impact. Ingram Insurance in Cheraw, SC is here to help you navigate your options. 

Here are four popular renovations that may affect your insurance policy:

1. Increasing the Square Footage of Your Home

Regardless of its intended use, adding living space to your home increases the square footage and its replacement value, which is a factor in your property’s value. Your homeowner’s insurance cost is likely to rise in accordance with the amount of the addition’s new square footage.

2. Adding Major Outdoor Installations

Many of life’s most memorable moments are spent in the backyard where you can be stress-free and enjoy privacy. Two additions that are often called “attractive nuisances” can pose certain safety risks, especially for children. Two of the most common backyard additions are swimming pools and trampolines, both of which are likely to increase coverage costs.

3. Installing a Security System

Homes with security systems (either monitored or unmonitored) enjoy greater protection from criminals and increase the owner’s peace of mind. Burglar alarms, water leak detectors, steel doors, and deadbolts can help lower home insurance premiums.

4. Renovating a Bathroom or Kitchen

Kitchen and bathroom remodeling are two of the most costly home upgrades owners can make and be both risky and challenging to navigate. Making certain that you have proper amounts of insurance coverage in place can minimize any unexpected issues or mishaps that arise during the project.

Call Your Agent About Home Upgrades & Your Home Insurance Policy

Before making renovations, you can contact your insurer about potential policy increases or decreases, but you definitely need to let them know immediately afterward to ensure you’re covered. Let us be your home insurance provider of choice at Ingram Insurance in Cheraw, SC.